Mediterranean Tamar development on schedule

Offshore staff

HOUSTON – Estimated gas resources from the Tamar field offshore Israel have risen from 8.4 tcf to 9 tcf following appraisal work, according to operator Noble Energy.

The development project remains on schedule for commissioning in late 2012, the company adds. Fabrication of the platform jacket and deck, and offshore pipeline installation, are 50% complete and onshore facility expansion is under way.

Noble is close to concluding sales contract negotiations with Israel Electric Corp. and is in discussions on further supplies with other parties. It expects Israel’s gas demand to grow by 10%/yr over the remainder of this decade.

The company has also identified 12 further offshore prospects targeting sands equivalent to those discovered at Tamar with combined potential of more than 20 tcf.

Additionally, there is deep oil potential of 3.7 Bboe across the company's acreage.

Appraisal continues of the deepwater Leviathan discovery with the #3 well, and field development concepts and commercialization options are under evaluation. Noble plans to re-enter the Leviathan #1 well to test the deep oil concept by early next year.

In Israel’s near shore waters, Noble says the Mari-B field has achieved record levels of production this year. At the nearby Noa field, a recently sanctioned development project should add around 100 MMcf/d of deliverability in mid 2012, partly offsetting anticipated depletion at Mari-B.

Finally, Noble continues to drill the Cyprus A prospect offshore Cyprus with an estimated resource range of 3-9 tcf and a 60% probability of geologic success.

11/28/2011



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